According to Americans, it is bad out there. Real bad. This month, the University of Michigan's index of consumer sentiment dropped to its lowest point since 1952, when the survey started. A poll of potential Republican voters found that just 43 percent rated the economy as 'excellent' or 'good' and 55 percent as 'fair' or 'poor'; for potential Democratic voters, the shares were 5 percent and 94 percent, respectively. Low-income families are nervous, and so are high-income ones. Students and retirees are dour. Rural and urban voters are dissatisfied. People are worried about the present and future. They're concerned for themselves and their neighbors. Indeed, households are feeling worse about their personal finances and the broader state of the economy than they did during the Great Inflation of the 1970s, when the cost of groceries doubled and the government was forced to ration gasoline; the Volcker shock, from 1979 to 1982, when the average interest rate on 30-year mortgages hit...
learn more
